The cereal and snack maker, whose brands include Frosted Flakes and Pop Tarts, slightly raised its full-year net sales target, as price increases are expected to offset those costs.
In the first quarter, net income was $366 million, or $1 per share, down from $418 million, or $1.09 per share, a year earlier.
Analysts on average were expecting $1.04 per share, according to Thomson Reuters I/B/E/S.
Net sales rose to $3.49 billion, from $3.32 billion a year earlier.
Kellogg said it expects internal net sales, excluding the impact of acquisitions, to increase 4 percent in 2011, up from a prior target of 3 percent to 4 percent.
The company stood by its target for earnings per share growth in the low single-digit range. Including a 9 cent-per- share benefit from foreign exchange rates, that implies earnings of $3.42 to $3.49 per share, it said.
(Reporting by Martinne Geller, editing by Maureen Bavdek)